Our weekly Market News highlight summary is here! Continue reading for an update on the baking industry:
WHEAT: Wheat prices have been volatile this week due to the Russia/Ukraine conflict as concerns of increased tensions could slow movement out of the Black Sea ports. Biofuel, crude oil, fertilizer, and crop insurance costs are all still on the rise. Winter wheat crop conditions continue to fall, commitments of traders show that the funds continue to liquidate their wheat positions, and exports are still slower than expected.
EGGS: Wholesale prices for cartoned shell eggs posted daily gains through the trading period and remain firm. Supplies are light to moderate with light offerings. Interest is moderate to good and trading is moderate to active. Wholesale prices for graded loose eggs moved higher through the week on light offerings and reduced supplies. Interest is moderate to good and trading is moderate.
BUTTER: CME butter collapsed this week. This is the time of year when we build butter inventory and no one wants to put $2.50+ butter into inventory when the futures are at $2.30. Butter stocks were still seasonally falling in December, which helps explain the price strength. But it looks like we’ve flipped to building inventories and that should keep some pressure on the spot market. EU prices were choppy with cream getting a little looser seasonally.
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